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Citigroup profit rises 13 percent on consumer banking, lower taxes


(Reuters) - Inc reported a 13 percent increase in quarterly profit on Friday, driven by lower taxes and

The fourth-biggest U.S. by assets said net income rose to $4.62 billion in the first quarter ended March 31, compared with $4.09 billion a year earlier.

Earnings per share rose to $1.68 from $1.35. Average shares outstanding declined 7 percent as the company bought back stock.

Analysts on average had expected earnings per share of $1.61, according to I/B/E/S. It was not immediately clear if the numbers were comparable.

& Co, the biggest by assets earlier on Friday reported a 35 percent jump in profit on lower taxes and higher interest rates.

(Reporting by in Bengaluru and David Henry in New York; Editing by Saumyadeb Chakrabarty)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, April 13 2018. 17:42 IST